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california bank of commerce (CABC) Key Developments

California Bank of Commerce Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

California Bank of Commerce reported unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported interest income of $3,954,000 compared to $3,446,000 for the same period a year ago. Income before tax provision was $1,549,000 compared to $1,039,000 last year. Net income was $920,000, or $0.320 per basic share compared to $597,000 or $0.207 per basic share last year. For the quarter ended June 30, 2014 compared to the quarter ended June 30, 2013, net interest income increased by 17% to $3.6 million compared to $3.1 million last year. The year over year increase in net interest income was primarily driven by a combination of strong growth in average loan balances as well as an improved net interest margin. Income to common shareholders was $893,000 compared to $569,000 last year. Return on average assets was 1.00% compared to 0.71% last year. Return on average tangible common equity was 12.12% compared to 8.97% last year. For the six months, the company reported interest income of $7,813,000 compared to $6,811,000 for the same period a year ago. Income before tax provision was $2,833,000 compared to $1,823,000 last year. Net income was $1,676,000, or $0.584 per basic share compared to $1,151,000 or $0.398 per basic share last year. Net interest income after provision was $7,358,000 compared to $5,820,000 last year. Income to common shareholders was $1,622,000 compared to $1,096,000 last year. Return on average assets was 0.92% compared to 0.68% last year. Return on average tangible common equity was 11.43% compared to 8.78% last year.

California Bank Mulls Financing

California Bank Of Commerce (OTCPK:CABC) plans to raise $12 million to $16 million to finance expansion.

California Bank of Commerce Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2014

California Bank of Commerce reported unaudited earnings results for the first quarter ended March 31, 2014. The company reported basic earnings per share were $0.26 for the first quarter of 2014, compared to $0.19 per share for the same period in 2013. For the quarter ended March 31, 2014 compared to the quarter ended March 31, 2013, net interest income increased by 19% to $3.6 million compared to $3.0 million last year. The year over year increase in net interest income was primarily driven by a combination of strong growth in average loan balances, non-interest bearing deposits, as well as an improved net interest margin. Net income reached $756,000 for the first quarter ending March 31, 2014, increasing $202,000 or 36% compared to the same period in 2013. Net income improved for the quarter on increased average earning assets and an improved net interest margin. Return on average assets was 0.85% during the first quarter of 2014, compared to 0.65% for the same period in 2013, while return on average common equity reached 10.69% during the first quarter of 2014 compared to 8.60% for the first quarter of 2012. Interest income was $3.86 million, compared to $3.36 million for the same quarter ended March 31, 2013.

CBC Business Credit Appoints Melinda Ficek as Vice President

CBC Business Credit announced the hiring of Melinda Ficek as Vice President. Ms. Ficek will be based out of Newport Beach/Los Angeles, CA area. Ms. Ficek will spearhead the Bank's business development activities in Southern California, focusing on the working capital credit needs of small and medium-sized businesses including traditional and asset based lending solutions (ABL). Ms. Ficek has over 15 years experience in loan origination and business development. Prior to joining CBC Business Credit, Ms. Ficek was an investor and assisted in the start up of BP4 Design. Other previous positions include ABL Business Development for First Capital, Celtic Bank and Medical Capital, Senior Loan Officer for E*TRADE Financial, and Independent Consulting.

California Bank Of Commerce Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

California Bank Of Commerce announced earnings results for the fourth quarter and full year ended December 31, 2013. The company reported net income of $2.6 million for the year. Return on average total assets was 0.72% and full year return on average tangible common equity was 9.48%. Net interest income increased $1.6 million or 14%, to $13.0 million. Basic net income to shareholders increased $0.9 million or 56%, to $2.4 million Basic earnings per average common share increased 56%, to $0.89. Net interest income reached of $3.6 million in the quarter with the Bank's net interest margin increasing to 3.97%.

 

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Valuation CABC Industry Range
Price/Earnings 10.6x
Price/Sales 2.0x
Price/Book 0.9x
Price/Cash Flow 10.1x
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